We thought we’d provide a follow up to a previous post (https://bit.ly/2V89xpf) regarding title insurance and give you some examples how this cover has been effective in managing unknown risks for property purchasers.

When taking a peek at a Certificate of Title you may see a notation referring to qualified or limited title. These notations are placed upon titles that have been converted from Old System Title, to Torrens Title.

Despite best efforts, sometimes your sale/purchase settlement will be delayed by hours, days or even weeks). This can come from a range of factors, including:

Last minute paperwork problems

Issues with finance approval

The property being settled is not in a tidy state and requires cleaning up

Occupant can’t/ won’t leave in a timely manner

Short Term Delays

Moving day can be pretty stressful, particularly if the party moving in was also required to move out of their previous home on the same day. Settlement needs to happen, so they have somewhere to sleep.

On rare occasions, a property settlement may need to be delayed for an hour or two, which forces the removalists to take an extended lunch, which the conveyancers, solicitors and banks use to sort out the transaction. If it’s deemed that the settlement can proceed, the removalists will normally begin unloading onto the driveway, until the keys are received by the new owner.

It’s a little bit of double handling, but the new owners will get to move in.

Longer Delays

In cases where the property settlement is postponed for a day or two, some removal companies can simply leave the truck packed at the depot overnight. In the case of Friday settlements, the truck may possibly be held over until the Monday without any problems.

Check with your chosen removalist at the time of booking, to see what back up plans they normally have and if there is a cost associated.

The worst case scenario is that the truck is unloaded into a storage unit until required further. The purchaser needs to also find temporary accommodation until settlement is completed., so this can become costly.

What Can We Do to Minimise Delays?

If selling:

Ensure the property is neat, tidy and vacant WELL BEFORE settlement day

Complete any loan discharge forms as soon as they are made available, as financial institutions can have traditionally long processes

Get all your relevant property keys to your agent as soon as practicable

If buying:

Conduct your final inspection as early as the agent will allow. This will give parties the most time to sort out minor issues

Complete any required paperwork (particularly from financial institutions) as soon as possible. They normally have standard timeframes for their process which may be 10 business days at the minimum

If you can avoid moving on the day of settlement, give yourself a day or two breathing space. This is probably the biggest stress reduction tactic of all

Please note that the information contained in this article is of a general nature only and does not constitute legal advice. Stevens Conveyancing does not take responsibility for any errors or omissions obtained from the use of this information.

In the early days Newcastle was well known for mining. Over time, these inactive mines were filled and housing developments have since been permitted on a number of these sites.

From time to time, parts of the old mine workings collapse (subsidence). A range of factors (like water inundation) can cause workings to deteriorate, but is usually localised and may only affect one property.

During your conveyancing process, there are some information aspects of the property that may not be available not everything gets uncovered prior to purchase. These issues can prove costly and for something that wasn’t even your fault!

The best option to achieve some protection is known as Title Insurance.

Important Note on Funds Transfers Your cyber security is important to us. As you would be aware, email is not a secure means of communication. Please understand and acknowledge the following security procedures we follow as part of your conveyancing transaction to maintain security.

We will NEVER send you an email requesting you transfer funds to an account that is different to the bank account details we advised to you or given to you in person. If a change is required, we will call you first to verbally advise the details and post the details for dual verification.

Do not transfer any funds without first phoning our office on 0414 894 031 (Leah) to verify any changes to banking details.

We will not act on any email from you requesting we transfer funds to a bank account that is different to the bank account details you have advised in person, without verifying this with you via mail or telephone using your original contact details provided.

When buying a property, simply owning it isn’t enough. HOW this property will be owned can have wide-reaching impacts on your personal & financial wellbeing. In particular, when two or more people own a property, they can hold the land either as Joint Tenants or Tenants in Common.

Once you’ve been informed that your settlement is complete, you’ll naturally want your new keys.

There is a formal process that must be followed, prior to handover. In most circumstances the keys are collected from the real estate agent, but there are a few protocols that need to happen before the agent can do anything